PEAK XV PARTNERS
From streaming to software, microdrama startups rewrite their growth pitch
Peak XV Partners-backed Dashverse has discontinued its consumer platform DashReels and is looking to raise $30-40 million, largely for Frameo AI, its video production software for businesses. Eloelo, which raised $80 million this week led by Hornbill Capital and NBCUniversal, is investing in Dolphin AI, its new production suite, alongside content creation and international expansion.
Amagi, Shiprocket post profits; US polls’ impact on IT
Amagi’s Q2 profit surged nearly 30x while Shiprocket swung into the black for the first time. This and more in today’s ETtech Top 5.
Sequoia Capital restructures operations after raising $10 billion, shuts London office
In a bold move, Sequoia Capital is undergoing a major restructuring by shutting down its London office and disbanding the Arc accelerator and Scouts programs. These changes come amid a leadership shift and a focus on selective investing. With approximately $10 billion raised in new funds, Sequoia is committed to backing European founders, albeit from its Bay Area hub.
Premji's deeptech bets; Razorpay gets IPO nod
Happy Thursday! Premji Invest is stepping up its bets on defence and aerospace manufacturing.This and more in today’s ETtech Morning Dispatch.
Razorpay gets Sebi nod for Rs 5,000-6,000 crore IPO: sources
ET reported on April 20 that Razorpay was preparing a confidential IPO filing to raise Rs 5,500-6,500 crore at an expected valuation of $5 billion (Rs 49,000-50,000 crore), below the $7.5 billion (around Rs 6,000 crore then) it commanded in its last major private funding round in 2021.
Chip startup Agrani Labs looks to raise $108 million from Peak XV, Google, Samsung
Peak XV Partners is leading the round and is expected to contribute more than half of the total funding. Google, HCL Tech, Samsung Ventures and Stargazer, an investment firm set up by Groww's founders, are also expected to participate, the people cited above said.
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Apple’s robust India quarter; Giva’s $100 million funding
Apple posted record sales in India in the September quarter. This and more in today’s ETtech Top 5.
Coders out, VCs in: Investors bet billions on AI-first services
The AI-native services firms’ promise of high margins and rapid growth with fewer people has attracted the interest of VC firms. If Distyl AI raised $175 million at a $1.8 billion valuation a year ago, Wonderful raised $550 million at a $5 billion valuation in September.
Wealthtech firm PowerUp Money raises $10 million led by Flourish Ventures
PowerUp Money was founded in 2024 by Jindal, who had previously cofounded Uni Cards. It offers mutual fund advisory services to retail investors, at time when the Indian mutual fund industry is seeing record SIP inflows. The company has more than 1.5 million customers tracking portfolios worth over Rs 2.5 lakh crore on its platform.
Cyberattacks hit NBFCs; Pine Labs Q2 profit zooms
Cyber criminals are targetting smaller NBFCs with specialised AI toolkits. This and more in today’s ETtech Top 5.
Dashverse shuts DashReels, seeks $40 million for AI push
The Bengaluru and San Franciscobased startup is pitching its businessto-business software platform, Frameo AI, to prospective investors as it moves away from acquiring and monetising viewers through its own app. The proposed fundraise is at an early stage, the people said.
Exclusive | Cognizant in talks to invest in Indian AI startup Sarvam valuing it at $3.5-4 billion: sources
Cognizant’s potential investment in Sarvam comes as advances in agentic AI raise questions about the future of the IT services industry. AI agents are increasingly capable of automating tasks across software development, application maintenance and back-office operations, potentially disrupting traditional outsourcing models.
VCs go deep on single-specialty healthcare with orthopaedics, pain relief bets
The trend is reflected in several recent funding deals. Bengaluru-based Lumov, which makes orthotic products, is in talks to raise Rs 32 crore in a round led by Peak XV Partners, according to people familiar with the matter. The round will likely include the founders of Minimalist and Mokobara, as well as early-stage VC firm Panthera Peak Ventures, sources said.
AI startup Simplismart raises $14 million from Dallas Venture Capital, Nvidia as demand for inference grows
As enterprise adoption of AI models scales, companies are seeking more cost-efficient ways to operate AI tools. Simplismart, founded by former Oracle and Google engineers Jain and Devansh Ghatak, provides software that helps enterprises select and deploy AI models suited to their specific workloads and run things more efficiently.
Eye for an eye? Think AI for AI: How one startup is using AI to make AI chips more energy-efficient
Discovered Materials, a groundbreaking startup led by founders Akash Ramdas and Advaith Sridhar, is dedicated to advancing chip materials. Their innovative approach leverages AI technologies to revolutionize electricity efficiency and thermal management. Backed by $9 million in seed funding from Lightspeed India Partners, the team anticipates having cutting-edge, patent-ready materials available for chipmakers by next year, while key specifics about their advancements are kept under wraps for competitive integrity.
YC-backed healthtech startup BioStack raises $9.5 million from Peak XV, DCVC, others
The Y Combinator-backed startup, which operates across India, the US, Brazil and Argentina, has access to more than 100 million de-identified patient records. It brings together fragmented clinical information, including medical scans, pathology reports, prescriptions, treatment histories and patient outcomes, to create complete patient records that can be used to train AI models.
360 ONE, TR Capital among buyers eyeing Paper Boat early backers stake
Private equity firms, including 360 ONE and TR Capital, are negotiating to acquire a stake in Hector Beverages. Existing investors, such as A91 Partners and Sofina, explore partial exits from their investments. Other early backers intend to sell their entire stakes ahead of the planned IPO in 2027. Hector Beverages expects significant revenue growth, forecasting Rs 1,000-1,200 crore in FY27.
HomeLane revenues dip to Rs 745 crore in FY26, loss widens to Rs 137 crore
Fiscal year 2026 was HomeLane's first year of operations after integrating with DesignCafe, and the company prioritised profitability over revenue growth, founder Srikanth Iyer told ET.
Exclusive: Unacademy founders Gaurav Munjal, Roman Saini plan Rs 700 crore AI, deeptech fund
The fund, named Longshot Capital, has secured commitments of about Rs 300 crore and is targeting its first close in January 2027, following which it plans to begin investing, the people said. Fundraising discussions are continuing, and the size and timing of the first close could change.
Zetwerk’s early backers sit on up to 36x returns post listing
The listing provides liquidity for investors who backed an industrial business when venture funding largely favoured software and consumer internet companies. The shares closed at Rs 138.30 on the BSE, 8.4% below the Rs 151 issue price, valuing Zetwerk at Rs 23,432 crore. They opened at Rs 159, a 5.3% premium.
AI startup Simplismart in talks to raise $40-50 million; valuation may triple
Simplismart, an innovative AI infrastructure startup, is in talks to secure between $40 and $50 million in funding, which could potentially boost its valuation from $100-120 million up to $300-400 million. Notable investors like Peak XV Partners and Damac Digital are eyeing stakes in the company, which was established by ex-Oracle and Google engineers.
Innovist revenue nearly tripled to Rs 686 crore in FY26 ahead of L’Oreal deal
L’Oreal announced in June that it would acquire a majority stake in Innovist, the parent of brands such as Bare Anatomy, Chemist at Play and SunScoop, at a valuation of around Rs 4,100 crore. The transaction closed in October, with people familiar with the matter saying Innovist’s revenue grew another 50% between June and October.
How Byju’s parent funded Aakash rights issue; Zetwerk IPO fully subscribed
Happy Dussehra! Byju’s parent used money repaid by Great Learning to back Aakash’s rights issue. This and more in today’s ETtech Morning Dispatch.
Zetwerk IPO fully subscribed; Super.money triples revenues
Zetwerk’s Rs 5,012-crore IPO was subscribed 3.06 times on Monday, the last day for bids. This and more in today’s ETtech Top 5.
Zetwerk IPO subscribed 3 times, retail portion falls short
Industrial and consumer goods manufacturer Zetwerk counts wind turbine maker Siemens Gamesa, Acer India, NTPC Renewable Energy, and the Indian Air Force among its major clients
AI agent startup RapidCanvas raises $29 million from Vertex Ventures, others
Hitachi Ventures and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures participated, taking the startup’s total funding to $52.5 million.
Can Zetwerk Manufacturing IPO deliver long-term growth for high-risk investors?
Zetwerk Manufacturing is planning to raise ₹2,830 crore through an IPO while also aiming for ₹2,182 crore from an offer for sale. The company, which was incorporated in 2017, has various clients and operates a universal factory model. Although revenue grew significantly, the operating margin remained thin and net losses increased in recent years. Investors are cautious due to rising debt and negative operating cash flow trends.
Zetwerk raises Rs 2,251 crore from anchor investors ahead of IPO
The Bengaluru-based company allotted 149.1 million equity shares at Rs 151 apiece, the upper end of its IPO price band of Rs 143-151, according to a stock exchange filing on Wednesday.
DealShare CEO Kamaldeep Singh quits amid acquisition talks with Truemeds
Singh, a former Big Bazaar chief executive who took charge of DealShare in January 2024, has joined Indofast Energy, a joint venture between Indian Oil Corporation and Sun Mobility, as its CEO.
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